Hanoi apartment price 25% lower than HCMC’s

The average apartment price in Hanoi rose 35% last year to VND72 million (US$2,821.31) per square meter, a new peak, according to market research firm Knight Frank.

The capital welcomed 27,300 new apartments available for sale, triple that of 2023. 98% of them were bought.

The southern metropolis of HCMC, however, saw a more modest number in new supply.

4,900 apartments were available for sale, with 63% of them bought.

Average price went up 12% to VND90 million, or 25% higher than Hanoi.

In recent years the gap between Hanoi and HCMC apartment price has been narrowing as demand in the capital jumps quickly.

Cao Thi Thanh Huong, senior research manager at property consultancy Savills, said that Hanoi apartment prices have traditionally been lower than those of HCMC, and the shortage of supply has pushed up average prices in the capital.

Son Hoang, deputy director of consulting and valuation at Knight Frank Vietnam, said that HCMC is forecast to have 8,600 new apartments for sale this year and 15,400 next year.

Hanoi, meanwhile, will see a stronger supply with 20,000 units annually, he said.

Prices are expected to rise 6-8% in HCMC and 5% in Hanoi this year, he added.